FASB publishes Exposure Draft on the rescission of FASB Statements No. 4, 44 and 64, corrections. (Domestic).(Financial Accounting Standards Board)(Brief Article)

Financial Executive, January, 2002 by Heffes, Ellen M.

The Financial Accounting Standards Board (FASB) issued an Exposure Draft that rescinds FASB Statement No. 4, Reporting Gains and Losses from Extinguishment of Debt, and an amendment of that Statement, FASB Statement No. 64, Extinguishments of Debt Made to Satisfy Sinking-Fund Requirements. In addition, this proposed Statement would rescind FASB Statement No.

44, Accounting for Intangible Assets of Motor Carriers, as well as amend other existing authoritative pronouncements to make various technical corrections. Comments on the Exposure Draft must be received in writing by the FASB by Jan. 14,2002. The Exposure Draft can be accessed from the FASB Web site, www.fasb.org.